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Zamansky LLC Gets Big Win in UBS-YES Case

July 21, 2022 Breaking News

Clients Recover 100% of UBS YES Loss

Recently, we discussed how the tables were turning in favor of investors who were involved in UBS-YES arbitration. Attorney Jake Zamansky and his team are proud to announce that our work has added to the recent wins by investors. See the significant FINRA panel award of $210,000, which was 100% of our client’s YES losses and Investment News’ coverage of the win.

About the Case

Richard Russell, a retired healthcare executive, claimed that UBS misrepresented YES as a “low risk” overlay on his bond portfolio. UBS sold YES to Russell as a “ non-directional”  and “market neutral” strategy which we proved from internal UBS documents was a false statement.

In  February 2018, when volatility hit and YES investors suffered substantial losses, Russell told his FA Steve Westerman of UBS’ Century City, California office that he was nervous about the losses and wanted to exit YES. Rather than follow his client’s wishes, Westerman pushed back, telling Russell that “you only lose if you exit during a volatility spike” and recommended that Russell “stay the course,” which he did suffering outsized losses.

A Twist in the Panel’s Award Decision for Yield Enhancement Strategy Investors

An interesting twist in the award was that 2 of the 3 panel members agreed to expunge the case from Westerman’s CRD record, finding that he was in essence a “middleman” conveying false information to his client which he received from Scott Rosenberg of the YES Team. The Chair of the panel, in a detailed opinion, dissented from the Westerman expungement, finding it “illogical” to expunge Westerman’s CRD while awarding full damages to the Claimant. This position will likely be studied by future panels. Scott Rosenberg, a co-portfolio manager, was denied his request for expungement.

Did You Lose Money in a UBS-YES Investment? Speak with an Investment Fraud Lawyer at Zamansky LLC Today

Our attorneys are here to help those who have suffered losses with the UBS-YES strategy get the justice they deserve. Contact us today to discuss.

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